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This note provides students with an explanation of the regulatory and tax framework for hedge funds vs. mutual funds in the U.S.

Protegra is a small company established in 1998 in Winnipeg, Manitoba. The company specializes in the area of computer software development and business performance consulting. Protegra features a unique organizational design, characterized by a lack of hierarchy and a collegial, professional culture centred on employee and customer values. Various information systems support Protegra's design. In the process of expanding into foreign markets and enlarging staff, Protegra has been concerned with preserving its way.

<p style="color: rgb(197, 183, 131);"><strong> AWARD WINNER - Association of African Business Schools (AABS)/EMERALD case competition</strong></p><br>In early 2005, South African company Tiger Wheels Limited (Tiger) had established a global footprint in the manufacture of aluminum alloy wheels with customers comprising several high-end automotive producers. It was the 10th largest alloy wheel company in the world with a solid balance sheet and net current assets of $42 million. Tiger had a chance to expand and grow with the potential purchase of a new world-class alloy wheel facility in Kentucky, United States for half of its estimated value. The Kentucky plant came with a significant long-term Ford contract to supply aluminum wheels at attractive prices. To Tiger's chairman, it seemed an attractive offer, but the pros and cons of purchasing the plant would have to be carefully evaluated by the board of directors. An African Tiger Case A is a part of An African Tiger case series, which includes A and B cases.

<p style="color: rgb(197, 183, 131);"><strong> AWARD WINNER - Association of African Business Schools (AABS)/EMERALD case competition</strong></p><br>In January 2007, Tiger Wheels (Tiger) and ATS informed its lead banker in Germany that it was forecasting a breach of its covenants, just 18 months after acquiring the Kentucky wheel plant. This was a critical matter and, as a result, the top management at Tiger was intimately involved in the deliberations. ATS had borrowed from a consortium of European banks to fund its growth. The borrowings were covenant driven and not set against any ATS assets. Under the loan agreement, the banks had the right to call in the loan if ATS were to breach one or more of the three covenants. The aim of the top management of Tiger and ATS was to win the confidence of the banking consortium by presenting a comprehensive strategy, including an action plan, which would restore ATS's financial health and make it compliant with its covenants once again. An African Tiger Case B is a part of An African Tiger case series, which includes A and B cases. The case series can be taught in the main strategy course of an MBA program to focus the discussion on the portfolio of competences within the resource-based view of the firm. The cases are also ideal for teaching an elective course on global strategy in MBA and executive programs. Ideally, case A and case B should be used in sequence over two sessions. In programs with time constraints, instructors could choose to use only case B as the case clearly brings out the issues of country differences and difficulties in transferring competences. In such situations, the instructor can distribute the summary of the case A from the teaching note along with case B. The important learning themes are: 1) the challenges in recognizing and developing new competences, 2) the limits of the control and influence of the majority owner in the execution of strategy, when the key competences reside with the minority shareholder and 3) the relationship between corporate response, managerial cognition, monitoring and divisional operations in a large company.

This case illustrates the rise and fall of the former chief executive officer (CEO) of the National Kidney Foundation (NKF) Singapore, T.T. Durai. In June 2007, Durai was charged with corruption and sentenced to three months in jail. Just less than two years prior, he had been the prolific CEO who had transformed the NKF from a small foundation into Singapore's largest charity, with 21 dialysis centres. Durai spent 37 years of his life volunteering and working with the NKF, and initiated research, marketing and fund-raising strategies for the charity. Under Durai's helm, the charity's revenue grew from $17 million to $116 million. Dialysis centres in other parts of the world sought Durai's expertise to improve their dialysis programs. This case documents the unfolding events that led to surprising revelations in court. These include Durai's leadership style, controversial decisions, bountiful entitlements and debatable actions taken to achieve his aims. In all, the case provides a perceptive insight into how differing perceptions of responsible leadership affected the stakeholders of the NKF, and encourages readers to analyze and propose how things could be improved, or could have turned out differently.

Praxis Language is a small company in China started by three non-Chinese entrepreneurs. Originally focused on teaching Chinese to native English speakers using podcasting and other online tools, Praxis has also developed content to teach English to native Chinese speakers, which the company perceives as a much bigger market. The case describes the challenges facing the co-founder of Praxis as he navigates emerging mobile technology (hardware and software), the complexities of doing business in China, and the consequences of explosive growth.

<p style="color: rgb(197, 183, 131);"><strong> AWARD WINNER -Euro-Mediterranean Managerial Practices and Issues Award, European Foundation for Management Development (EFMD) Case Writing Competition</strong></p><br>The case focuses on the vice-president and regional head of corporate banking for Noor Islamic Bank in Dubai as she arrives in the United States to promote the first global network for women in Islamic banking and finance, known as Durra. As a result, Islamic banks have been growing at a rate of 15 per cent per year, and have assets approaching $1 trillion, despite the recent banking crisis. Islamic banks also have a hard time filling the 30,000 new jobs created each year because of the specialized training required. One of the purposes of Durra is to help more women fill critical positions in Islamic banking and to help them manage their careers in order to assume leadership positions. The case also raises questions about how best to build a non-profit organization. Issues include how to attract new members and financial backers and how to build a useful and robust website that fulfills the needs of the organization.

This case illustrates the rise and fall of the former chief executive officer (CEO) of the National Kidney Foundation (NKF) Singapore, T.T. Durai. In June 2007, Durai was charged with corruption and sentenced to three months in jail. Just less than two years prior, he had been the prolific CEO who had transformed the NKF from a small foundation into Singapore's largest charity, with 21 dialysis centres. Durai spent 37 years of his life volunteering and working with the NKF, and initiated research, marketing and fund-raising strategies for the charity. Under Durai's helm, the charity's revenue grew from $17 million to $116 million. Dialysis centres in other parts of the world sought Durai's expertise to improve their dialysis programs. This case documents the unfolding events that led to surprising revelations in court. These include Durai's leadership style, controversial decisions, bountiful entitlements and debatable actions taken to achieve his aims. In all, the case provides a perceptive insight into how differing perceptions of responsible leadership affected the stakeholders of the NKF, and encourages readers to analyze and propose how things could be improved, or could have turned out differently.

The term "White Box" is often used to describe products without a brand name. Such products are assembled from standardized parts, and they became a very popular category of desktop PCs. Hsinchu, Taiwan based MediaTek is a fabless semiconductor company that unleashed a white box market in mobile phone handsets by offering an innovative "complete solution" for 2.5G and 2.7G handset manufacturers, dramatically lowering the barriers to entry into the business. Besides enabling many Chinese branded manufacturers to enter the business, the grey market in components unleashed a complementary market of "Shanzhai" makers. Together these firms captured a significant fraction of the China market, as well as exports (both legal and grey) to 102 countries. CEO Ming-Kai Tsai is faced with the question of the best growth path. While multiple tier one handset makers are dismissive of MediaTek, perhaps because of its role in enabling the Shanzhai, the company's offerings have enabled an "army of ants" to challenge the leaders. Can MediaTek move up-market to sell its chipsets to the likes of Nokia? Under what terms?

This note provides a background on the US life insurance regimes for the life insurance industry, including descriptions of different types of insurance, annuities, and regulation.

A newly minted MBA joins a volunteer non-profit board. Shortly after joining the board the organization experiences significant cash flow challenges. In the process of resolving this problem, much deeper issues are exposed, including long-time neglect of fiduciary responsibilities by prior and current board members, lack of basic financial and human resource controls, problems with reputation and image in the community, alienation of funders, and an executive director (ED) who tries her best to hide her performance issues from the board. The board must decide if they can continue operations and reorganize to address these weaknesses or if the agency should be closed.

This merger case puts face to face a team of negotiators representing InBev and another representing Anheuser Busch (AB). These teams have to negotiate on a potential acquisition of AB. Therefore, this case is much broader than just an exercise in valuation or finance. Learning objectives: This case will challenge participants on negotiation techniques, strategic analysis, working with a team, working "against" a team, present a deal in public and many other things.

Exercise for IMD561

From the perspectives of the senior executive of Mittal and the senior executive of Arcelor, this case looks at post-merger integration. As with many mergers, the ArcelorMittal merger was touted as a "merger of equals." Unlike most, it was actually managed as such and it worked. The case series looks at three critical decision points (one for each case) and challenges that the two senior executives faced from the line organization during the execution of the integration. Also see supplemental cases ArcelorMittal (B), product #910M02 and ArcelorMittal (C), product #910M03.

In early 2005, South African company Tiger Wheels Limited (Tiger) had established a global footprint in the manufacture of aluminum alloy wheels with customers comprising several high-end automotive producers. It was the 10th largest alloy wheel company in the world with a solid balance sheet and net current assets of $42 million. Tiger had a chance to expand and grow with the potential purchase of a new world-class alloy wheel facility in Kentucky, United States for half of its estimated value. The Kentucky plant came with a significant long-term Ford contract to supply aluminum wheels at attractive prices. To Tiger's chairman, it seemed an attractive offer, but the pros and cons of purchasing the plant would have to be carefully evaluated by the board of directors. An African Tiger Case A is a part of An African Tiger case series, which includes A and B cases. The series can be taught in the main strategy course of an MBA program to focus the discussion on the portfolio of competences within the resource-based view of the firm. The cases are also ideal for teaching an elective course on global strategy in MBA and executive programs. Ideally, case A and case B should be used in sequence over two sessions. In programs with time constraints, instructors could choose to use only case A, as there is enough material in case A to cover the main themes. The important learning themes of case A are:1) the need to evaluate the dynamics of five forces in different industry segments as the company plans to expand into larger size and higher growth segments, 2) the importance of country differences in global strategy, 3) the need to incorporate new competences as a criterion in evaluating global opportunities, 4) the compulsions on growth as a company becomes a member of a globalizing industry where its customers are global entities and 5) the need for a new business model as the strategy becomes complex to incorporate numerous businesses and competences in many countries.

This note is an excerpt from Professor Bob Pozen's book "The Mutual Fund Business" and is an introduction to mutual funds, contrasted with commercial banks.

The case captures the challenges Komatsu, the second largest manufacturer of the earth moving equipment faced during the past five decades as it sought to globalize its operations. By 2007, it had become the second largest manufacturer of the earth moving equipment with more than 80% of its sales coming from outside of Japan. It has built a network of plants, distributors and service centers around the world. Senior management is convinced that a major reason for its success is its culture, recently articulated as the Komatsu Way. The central issue in the case is how to transmit and embed it to its far flung operations throughout the world.

The case opens in July of 2009 with Becky Splitt, CEO of StudyBlue, facing a series of difficult decisions. These include: determining the appropriate business model to monetize the StudyBlue site, which customer segment to target, and how much new capital to raise (and from whom). The case tells the story of how StudyBlue was begun as a side project of Chris Klündt and Steve Wallman in 2006 and how it evolved into a full-fledge start-up with seven employees. Over the course of three years, StudyBlue develops a healthy following of college users and adds significant new features and functionality. However, by the close of the case, there is still uncertainly around how quickly it can grow revenue in the future. Given new competitors on the horizon and the window for Series A funding round closing, Splitt must make her decisions quickly.

This case describes the history and activities of the A-Team, a major alliance of bicycle assembly firms and parts suppliers in Taiwan, which was created in 2003. A strategic alliance with competitors posed challenges. For the A-Team, it was more complicated because the alliance was between both competing bicycle assembly firms and between parts suppliers. By 2006, progress had been made in making the alliance work but the senior executives were wondering what they could do to ensure future progress. The case can be used in a strategy module or course on alliances/joint ventures in a section examining the competition versus cooperation challenge.

Boards bow to shareholders, but a look at the law shows that they don't need to.